12th Oct 2016 08:00
LONDON (Alliance News) - Hurricane Energy PLC on Wednesday said it has provisionally chosen Technip and FMC Technologies to jointly provide "subsea solutions" for the early hydrocarbon production system serving the Greater Lancaster Area offshore the UK.
Technip and FMC are working together under a pre-existing alliance and the pair, working with Hurricane, have developed an "innovative approach" to enhance the proposed development of the area. The pair have currently been chosen for the subsea element of the early production system on a provisional basis, but will be the exclusive providers once formalised.
"Key to this approach is focusing on system design optimisation and risk reduction in project execution," said Hurricane.
An early production system allows companies to begin producing some hydrocarbons whilst full field development is ongoing, getting some early cash flow through the door to help minimise the level of outgoings associated with any development project.
"Hurricane, Technip and FMC Technologies have worked collaboratively to develop the Lancaster early production system as a fit for purpose concept. This has allowed us to reduce the scope and the cost of the development, and ensure full alignment amongst those driving the project forward," said Hurricane.
Technip and FMC are currently working on front-end engineering studies as they race to Hurricane's timetable, which is scheduled to have the project sanctioned by the end of the first half of 2017.
Hurricane shares were up 1.3% to 39.75 pence per share on Wednesday.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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